Better state for Coffee Republic

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COFFEE REPUBLIC, the espresso bar chain that is transforming itself into a New York-style deli operation, claimed yesterday that the past year had “marked a turning point” for the company.

The group, which has struggled to keep pace with rivals such as Starbucks, Costa and Caffè Nero, reported a sharp narrowing of full-year losses and a return to positive like-for-like sales, up 1 per cent during July and August.

Bobby Hashemi, the AIM-listed group’s founder and chairman, said: “We’re getting there, though it’s still way too early to pop open the champagne corks. There’s a long way to go.”